Within hours, cut on fuel price revised to just 1 paisa per litre

RSTV Bureau
File photo of an Indian filling station.

File photo of an Indian filling station.

The reduction in petrol and diesel prices has been revised to just 1 paisa a litre each, a climb-down from the cut announced this morning to 60 paise on petrol and 56 paise on diesel. The state-owned oil companies have blamed clerical error for the previous announcement.

The oil companies had this morning announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. Within hours of the announcement, they revised the cut to just 1 paisa a litre each.

“The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today’s price,” a senior official of Indian Oil Corp (IOC), the nation’s largest fuel retailer, explained.

Petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.

The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates. In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.

Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

(With inputs from PTI)